ESPEY MFG & ELECTRONICS CORP — Director's Dealing 2004

Feb 18, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ESPEY MFG & ELECTRONICS CORP (ESP)
CIK: 0000033533
Period of Report: 2004-02-17

Reporting Person: JONES GARRY (Asst. Treasurer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-02-17	Common Stock - $.33 1/3 par value	M	200	$13.25	Acquired	0	Direct
2004-02-17	Common Stock - $.33 1/3 par value	S	100	$23.05	Disposed	0	Direct
2004-02-17	Common Stock - $.33 1/3 par value	S	100	$24.85	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-02-17	Stock Option	$13.25	M	200	Disposed	2010-03-01	Common Stock (0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock - $.33 1/3 par value	4533	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option	$0	2011-03-01	Common Stock (200)	0	Direct
Stock Option	$0	2012-03-01	Common Stock (200)	0	Direct
Stock Option	$0	2013-03-04	Common Stock (200)	600	Direct